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June 11: Bitget market data shows spot gold has topped the $4,100 per ounce level, currently trading at $4,100.06, up 0.70% on the day.

June 11 — Per market sources, Japan is reclassifying cryptocurrency as a financial instrument under its Financial Instruments and Exchange Act, placing digital assets in the same regulatory category as stocks and bonds. The relevant bill passed the country’s Lower House on Tuesday (June 11). This move will cut the tax on cryptocurrency gains from the current highest rate of 55% (levied as miscellaneous income) to a flat 20% capital gains tax rate, and it will clear the way for cryptocurrency exchange-traded funds (ETFs), with the new provisions set to take effect in 2027.

On June 11th, crypto analytics firm CryptoQuant shared a new report on social media revealing Bitcoin has dropped to a fresh bear market low of $59,000, sitting just 9% above its realized price of $53,600. Historically, this valuation level often marks the end of a bear market cycle. In past downturns, prices typically bottomed near or slightly below the realized price threshold—hinting Bitcoin could be nearing a structural bottom, at least from a pure valuation lens. That said, demand conditions remain extremely unfavorable. Last week, Bitcoin’s total demand (combining speculative futures positions and on-chain spot holdings) plummeted to -652,000 BTC—the sharpest weekly drop since January 2022. Long-term on-chain demand, tracked via 1-year HODLer net growth, also turned negative, falling below its trend line to its weakest point since February 2024. ETF buying pressure is shrinking at the fastest pace since U.S. spot Bitcoin ETFs launched back in January 2024, with 30-day ETF deman

On June 11th, Santiment noted in its latest report that trading volume for mainstream crypto assets (excluding stablecoins) has hit a two-year low, matching levels from mid-2024 — a clear sign of sharp cooling in market sentiment and participant activity. The current low-volume environment is driven by macroeconomic uncertainty, geopolitical tensions, and recent liquidation events, leaving traders adopting a wait-and-see stance: both buying and selling interest have faded significantly as a result. While this slump may read as a negative signal, historically it corresponds to a phase of “emotional exhaustion” and could lay the groundwork for a subsequent market rebound. Santiment emphasizes that markets typically don’t form a bottom during periods of high activity; instead, bottoms build gradually when investors broadly lose interest and trading participation declines. Once confidence starts to return, even a small inflow of funds can trigger a temporary rally.

June 11 Update: Coinglass data shows Ethereum’s coin-margined contract open interest on Binance has hit a fresh all-time high, now surpassing 3.3 million ETH. Analyst Darkfost remarks that current market conditions are growing increasingly hard to parse. The cryptocurrency’s price has dropped 67% from its all-time peak and remains in extremely oversold territory, yet traders are ramping up their derivative exposure. Meanwhile, Binance’s weekly average taker buy/sell ratio has risen from 0.95 to 1.0—an indicator of capital flow rebalancing after months of seller dominance. Darkfost interprets this trend as a signal that, following Ethereum’s sharp devaluation, traders are gradually returning to the buy side.

Per monitoring from Onchain Lens, FTX/Alameda unlocked 200,241 SOL on June 11—nearly a month after the tokens were placed in lockup—valued at roughly $12.99 million.